Legal Aspects of Real Estate

An ownership transfer insurance policy insures the seller against claims from the buyer due to hidden defects and deficiencies within 5 years after the transfer. The insurance is arranged through a real estate agent.

A housing cooperative right is an exclusive right to use an apartment in a housing cooperative. The shareholder owns a share in the cooperative and has housing rights through it. The housing right can be sold, pledged, or sublet.

The neighbor law regulates the mutual limitation of discretion caused by proximity. The Neighbor Act prohibits inconveniences on neighboring properties beyond the customary.

A co-ownership is when multiple people own something together, real estate or movable property. The co-owners each own an ideal share, for example, 1⁄2 or 1⁄4. The relationship of the co-ownership is regulated by a co-ownership agreement or the Co-ownership Act.

In expropriation, the landowner must relinquish all or part of their property for public purposes in exchange for compensation. The process is regulated by the Expropriation Act.

The complaint period for defects is at least 5 years from takeover, pursuant to the Alienation Act § 4-19. The defect must be claimed within a reasonable time after it was or should have been discovered.

Lease agreements can be entered into for 10 years at a time, but often 80-100 years, known as "everlasting leases", are agreed upon. The lessee has the right to renewal on the same terms. The Land Lease Act regulates the parties' rights.

Registration occurs by entering in the land register, which is maintained by the Norwegian Mapping Authority. You submit a deed or mortgage document, pay the document fee, and receive legal protection from the time of registration.